Belo Corp (BLC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Exhibit 99.1

TELEVISION COMPANY BELO CORP. (BLC) REPORTS EARNINGS FOR

FOURTH QUARTER AND FULL YEAR 2012

DALLAS – Television Company Belo Corp. (NYSE: BLC) today reported fourth quarter and full year 2012 net earnings per share of $0.34 and $0.95, respectively, compared to $0.29 and $0.55, respectively, for fourth quarter and full year 2011.

The Company redeemed its 6.75 percent May 2013 Senior Notes in a net present value positive transaction on November 30, 2012. The premium paid for the early redemption of the notes, partially offset by the related interest savings in December, resulted in a reduction to net earnings of $3.1 million, or $0.03 per share, in the fourth quarter of 2012 when compared to the fourth quarter of 2011. The fourth quarter of 2011 included a non-cash gain, net of taxes, of $2.9 million, or $0.03 per share, related to the division of assets of Belo Investment, LLC (“Belo Investment”), a real estate investment company in which Belo Corp. and A. H. Belo Corporation (“A. H. Belo”) each previously held a 50 percent interest. Full year 2011 included a net non-cash charge, after taxes, of $13.3 million, or $0.13 per share, related to the split of The G. B. Dealey Retirement Pension Plan with A. H. Belo.

Commenting on the Company’s operating performance, Dunia A. Shive, Belo Corp.’s president and Chief Executive Officer, said, “The Company’s fourth quarter performance was driven by $26.5 million in incremental political revenue and continued strength in the automotive category, leading to a total spot revenue increase of 15 percent compared to the fourth quarter of 2011.

“Our financial performance for the full year was highlighted by record political revenue, which surpassed $60 million for the first time in the Company’s history, and significant growth in our largest advertising category, automotive, which increased 16 percent over full year 2011. The Company’s total revenue grew 10 percent in 2012 compared to 2011, while the Company’s combined station and corporate operating costs grew just 2 percent for the same period. The Company’s station-adjusted EBITDA margin was 46 percent for the fourth quarter of 2012 and 41 percent for the full year.

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